Viking Therapeutics (VKTX) Q4 2024 earnings summary

Executive summary

• Achieved significant clinical milestones in 2024, including positive results from four key studies: Phase 2 VENTURE (subcutaneous VK2735 for obesity), Phase 1 (oral VK2735), Phase 2b VOYAGE (VK2809 for MASH and fibrosis), and Phase 1b (VK0214 for X-ALD).

• Advanced lead obesity candidate VK2735 (subcutaneous and oral) with strong efficacy and safety data, moving into Phase 3 in 2025.

• Strengthened pipeline with new amylin and dual amylin/calcitonin receptor agonist programs, with IND filings planned for 2025.

• Ended 2024 with $903M in cash, cash equivalents, and short-term investments, supporting advancement of clinical programs.

Financial highlights

• Q4 2024 R&D expenses were $31M, up from $20.5M in Q4 2023, mainly due to manufacturing, salaries, and stock-based compensation.

• Q4 2024 net loss was $35.4M ($0.32/share), compared to $24.6M ($0.25/share) in Q4 2023, driven by higher R&D and G&A expenses.

• Full-year 2024 R&D expenses reached $101.6M, up from $63.8M in 2023; G&A expenses were $49.3M, up from $37M.

• Full-year 2024 net loss was $110M ($1.01/share), compared to $85.9M ($0.91/share) in 2023.

• Ended 2024 with $903M in cash, cash equivalents, and short-term investments, up from $362M at end of 2023.

Outlook and guidance

• Phase 3 trials for subcutaneous VK2735 in obesity to begin in Q2 2025; oral VK2735 Phase 2 data expected in H2 2025.

• IND filing and Phase 1 initiation for amylin and dual amylin/calcitonin receptor agonist programs planned for 2025.

• Continued aggressive development pace supported by strong cash position.